Oakbrook Terrace, Ill. (August, 2019)— David Conroy, a Principal at Cawley Chicago, shared his expert insights on the Chicago commercial real estate market in a recent interview. Conroy offered his knowledge on a wide array of topics, like what makes the Chicago market stand out, why marketing techniques matter, and how technology is changing the game.
Here are some of Conroy's best insights and advice:
1. Choose a Career in CRE
"Brokerage seemed like a great way to learn multiple different facets of the [real estate] business and really have my own business within a business."
"There’s also a giant wave of hiring by brokerage companies."
2. Public Opinion & Politics Play a Role
"On the industrial side, it will be interesting to see how trade discussions evolve, as it seems the last two U.S. presidents have campaigned in various ways on a reduced American footprint/involvement abroad."
"There is potential that tariffs, or changes to trade agreements, could have a large long-term impact on the supply chain and how/where companies source their products."
3. Chicago Has a Competitive Niche
"There is a convergence of major railroads here that allow it to be the nexus of distribution to the Midwest."
"We have a lot of readily available land on the outskirts of the Chicago MSA that allows us to increase supply to meet demand."
"We do have a very strong manufacturing base and a good diversification of industries here that somewhat protect against asymmetric shocks in the economy to one particular industry (something we’ve learned can happen very quickly in this internet world we live in – i.e. Blockbuster)."
4. Don't Knock Classic Marketing Tactics
"I think some of the old ways are still the best, targeting companies that are a good fit for the space, having strong relations with the brokerage community at large, marketing to out of state brokers that run large accounts, and using a variety of outlets and listing services to get information in front of as many eyes as possible."
5. Technology Can Only Benefit CRE
"[Technology] has allowed us access to a wider depth of information in online databases."
"Information is compiled in our databases to show the true competitive edge of a building."
Final Words of Wisdom
"Everyone involved in the industry all constantly have great ideas and little pieces of the puzzle, so learn as much as you can from everyone you come into contact with to have quivers in your back pocket to use down the road."
To learn more from Conroy, read the full article here.
David Conroy joined Cawley Chicago in 2013, and after a year at the company teamed up with Tim Gallagher. Together, they have completed a variety of transactions including tenant representation, investment sales, and asset brokerage. He has performed a variety of tasks for clients including lease renewal negotiations, new lease negotiations, facility acquisition and disposition, site selection, investment underwriting and construction/development consulting. To date Mr. Conroy has been involved in over 4,000,000 million SF and 100+AC of land of transactions valued at over $125 million. Mr. Conroy earned a Bachelor of Science degree from the University of Wisconsin at Madison double majoring in Economics (B.S.). and Geoscience & Geophysics (B.S.). Mr. Conroy has been a finalist for the prestigious Frank Mahoney award and been recognized as a up and comer for the company.